Apple is down after Steve Jobs spoke at the company’s annual developer’s conference, but that doesn’t mean it’s out, Cramer said during Stop Trading! Given the way Apple has been trading, people are going to ring the register anytime there is news that isn’t perfect, Cramer said. Among other reasons, the demand for the iPhone is so strong that Cramer is sticking by Apple as one of his “four horsemen of tech.”
Steelmaker Nucor put out a warning about how the weakness in the auto and housing markets could affect profits, but Cramer said the best way to play that is to stick with a name in the steel sector that isn’t dependent on automobiles or housing. His favorite is Allegheny Tech because of its ties to the aerospace industry which he has said is in the midst of a strong bull market.
And after Bear Stearns raised its second quarter forecast for PC sales, Cramer said he’d be a buyer of Dell here, and reiterated his support for CEO Michael Dell. “Let’s bank with him,” Cramer said.
Jim's charitable trust owns Hewlett-Packard.